As Democrats went all soft and squishy over the prospect of a leviathan and authoritarian government grabbing more power under Obamacare, the Senate Banking Committee under the direction of Democrat Christopher Dodd put finishing touches on a “financial regulatory reform bill.” Dodd’s committee passed a 1,300-page bill in a 21-minute “partisan” markup, according to WebCPA.

Morgan Stanley Chairman says the sky should be the limit on bankster bailouts.

A 13-10 vote will now send the bill to the Senate floor where it will be debated by members of the Bankster Party.

Dodd was under strict orders by Treasury Secretary Timothy Geithner not to “weaken” the bill by adding amendments proposed by Republicans on the committee. Geithner made the comments over at the American Enterprise Institute, the insider cabal responsible for such things as a million dead Iraqis. “This is important to get right, but be careful whose voice you listen to,” said Geithner.

If passed the bill will create a Consumer Financial Protection Bureau within the Federal Reserve, rather than the standalone Consumer Financial Protection Agency that is in the version of the bill that was approved by the House last December.

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During an interview with Atlantic magazine earlier this month, Ron Paul clarified things about the bill and the prospect of a Consumer Financial Protection Bureau run out of the Fed.

“I think that’s the main thing where they’re getting a lot more power. It’s interesting that, of course, it’ll be funded by the Fed,” Paul told Daniel Indiviglio. “So they’re going to do all this mischief and have all these bureaucrats. It won’t even be on the budget. And there will really be no oversight by the Congress. It’s government totally out of control. It’s just absolutely bizarre that you could create a Consumer Protection Bureau within the Fed, and they do all their own funding. And Congress probably won’t do anything about it.”

Of course Congress will not do anything about it. Congress by and large takes orders from the banksters. Members of Congress with a few small exceptions are members of the Bankster party. Democrat and Republican designations are nothing but fashion statements.

It is simply outrageous that a bankster organization that has made off with trillions in off-balance sheet transactions and has thumbed its nose at Congress and the American people who demand accountability will now be allowed to dictate consumer protection.

Dodd’s bill is nothing short of an effort to allow the Federal Reserve to seize control of the financial services industry under the guise of protecting ordinary Americans. It will be a blank check for bankster bailouts into perpetuity.